I seem to understand that they will take the place of workflows. We have implemented a site with workflows for a client (v. 7.5). In this workflow, when an editor without publishing permissions makes a change (or adds a page), all editors who have publishing permission for that page are notified via email. When one of these editors publishes it, and email is sent to the original modifier.

Is it possibile to implement this with projects? Based on my first reading it seems that it is "voluntary", that is, if the editor does not create or select a project, s/he will be able to create and modify a page, and there are no longer any hooks to send emails, since it's not part of a project and workflows no longer exist. Is this correct?